NNPCL moves toward commercial oil production at Eba, Ogun to join oil-producing states
The Nigerian National Petroleum Company Limited (NNPCL) has taken major steps toward starting commercial oil production at the Eba oil well in Ogun Waterside Local Government Area of Ogun State. A technical team recently inspected the site to assess its readiness for drilling operations, following approval from President Bola Ahmed Tinubu for full commercial exploration. […]
Heineken to Slash Up to 6,000 Jobs as Beer Sales Slide
Dutch brewing giant Heineken announced plans to cut up to 6,000 jobs over the next two years amid “challenging market conditions” and falling beer volumes. The move is part of a cost-saving push to boost productivity across the company.CEO Dolf van den Brink, who is stepping down after nearly six years, said, “We remain prudent […]
BUA Group Chairman, Abdul Samad Rabiu calls for shift from extraction to value addition
The Chairman of BUA Group, Abdul Samad Rabiu, has called for a major shift in Nigeria’s economic strategy, urging the country to move away from raw material extraction and focus more on value addition. He said Nigeria must begin processing its natural resources locally instead of exporting them in their raw form. Rabiu explained that […]
Naira continues to appreciate against US dollar as CBN directs FX sales to BDCs
The Nigerian naira has continued to gain value against the United States dollar following a new directive from the Central Bank of Nigeria (CBN). The apex bank instructed authorised dealers to sell foreign exchange to Bureau De Change (BDC) operators in a move aimed at improving dollar supply in the retail market. Financial analysts say […]
Nigerian stock market begins week bullish as investors gain N1.4trn
The Nigerian stock market started the new trading week on a positive note, with investors recording gains worth about N1.4 trillion. Strong buying interest in major stocks pushed market indicators higher, showing renewed confidence among local investors. Data from the Nigerian Exchange showed that the market capitalisation rose sharply as share prices of key companies […]
Mamadou Sissoko: Kenya in the Epstein Files – Business Deals, Prince Andrew and Girls’ “Safari”
Recent reports have linked Kenya to the Jeffrey Epstein scandal, highlighting business dealings, high-profile visitors, and controversial activities. Mamadou Sissoko’s involvement has drawn attention to how the Epstein network allegedly extended into the country, raising questions about financial and social connections. The documents suggest that Epstein’s associates conducted business operations in Kenya, including meetings and […]
Nigerian stock market hits N110tn as investors gain N1.1tn
Nigeria’s stock market closed the week on a high note as total market value crossed the ₦110 trillion mark, delivering strong gains to investors. Data from the Nigerian Exchange Limited (NGX) on Friday showed that investors made about ₦1.1 trillion in one day, reflecting renewed confidence in equities. Market capitalisation rose by 1.01 percent, moving […]
Naira closes week at N1,366.19 per dollar as Nigeria’s external reserves hit $46.91bn
The Nigerian naira closed the week at ₦1,366.19 per dollar at the official foreign exchange market, according to data from the Central Bank of Nigeria (CBN). This came as Nigeria’s external reserves rose to $46.91 billion, reflecting improved foreign currency inflows into the country. CBN figures showed that the naira weakened slightly on Friday, slipping […]
Nigeria Ranks Second In African Manufacturing Output
Nigeria has been ranked second in Africa in terms of manufacturing output, highlighting the country’s growing industrial strength. Recent figures show that Egypt leads the continent with manufacturing production valued at $59.6 billion in 2023, while Nigeria follows closely at $55.7 billion. South Africa comes third with an output of $48.8 billion, reflecting a shifting […]
Coastal Logistics May Push PMS Near N1,000/litre, Dangote Refinery Warns
Dangote Refinery has warned that heavy reliance on coastal logistics for fuel distribution could significantly increase petrol prices in Nigeria. The company explained that while marketers can choose between coastal or gantry loading, using coastal routes could add about N75 per litre to petrol costs, potentially pushing pump prices close to N1,000 per litre if […]